United States
activeFeaturedNeobankBroker
- HQ
- San Francisco
- Fee
- $0 on Checking and Savings
Varo Bank
Varo Bank, N.A. is an OCC national bank. FDIC sits on Varo’s own name, not a partner bank.
Legal entity: Varo Bank, N.A. — nationally chartered bank (OCC de novo charter, 2020). Member FDIC in its own name.
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7.3Solid
AlternativesFive questions
At a glance
Is it a bank?
Yes — National bank charter (OCC). Still read the entity on the statement.
If it fails?
FDIC up to $250,000 at Varo Bank, N.A. — not pass-through via a partner (Varo About: “FDIC-insured up to $250,000 with us”).
Salary?
Yes. US direct deposit can land in the Varo Bank account.
Open from abroad?
No. You need a US address in the 50 states or DC. Varo does not open joint or business accounts.
Monthly fee
$0 on the core bank account
Account number
US routing and account number. No IBAN.
NeoBankDB Verdict
Licence first · score second
7.3
/10 · Solid
Varo is a bank. The OCC gave Varo Bank, N.A. a national charter in 2020, and FDIC cover sits on that name. If you are tired of “banking services provided by [partner bank]”, this is the cleaner US file. It is still a US-only, one-person account. It is not a travel IBAN and not a joint household bank.
What it is
Varo Money, Inc. started in 2015 in San Francisco. The bank opened on 1 August 2020 as Varo Bank, N.A., OCC charter 25147, FDIC cert 59190. Bank headquarters in FDIC/OCC records is Draper, Utah. Colin Walsh founded the company. Gavin Michael is CEO as of 2025. The consumer site is varomoney.com — varo.com is a different firm.
Best for: US residents who want a neobank app that is actually a bank.
Last checked 2026-09-17. Not advice.
What it does well
- +OCC national bank on its own charter
- +FDIC at Varo Bank, N.A.
- +$0 monthly fee
- +Allpoint ATM network
What to watch
- −US only, individual accounts only
- −No joint account
- −Higher savings APY is gated
- −Smaller than SoFi
Legal entity, not the app icon
Who is behind it
- Legal name
- Varo Bank, N.A. — nationally chartered bank (OCC de novo charter, 2020). Member FDIC in its own name.
- Parent
- Varo Money, Inc.
- Founders
- Colin Walsh
- Offices
- Bank HQ: 11781 S Lone Peak Pkwy, Suite 100, Draper, UT 84020. Parent has used San Francisco addresses.
- If something goes wrong
- OCC and CFPB. Varo Bank, N.A., Member FDIC, cert 59190.
Who holds the money
The account
- Platforms
- iOS, Android
- Account types
- Bank account, Savings
- Partner bank
- Varo Bank, N.A.
- Minimum balance
- $0
- Lowest monthly fee
- $0
- Who can open
- US consumers
- Availability
- 18+, 50 US states or DC, SSN or ITIN. Individual accounts only.
- IBAN country
- US routing and account number. No IBAN.
- Remote open
- No. You need a US address in the 50 states or DC. Varo does not open joint or business accounts.
- Onboarding
- Apply in the Varo app. Identity check, no ChexSystems screen for the bank account according to Varo.
- KYC documents
- Name, address, date of birth, government ID, SSN or ITIN.
- Minimum age
- 18
- Salary / payroll
- Yes. US direct deposit can land in the Varo Bank account.
- Local rails
- US ACH / debit. Allpoint ATM network is the cash pitch — confirm live fees.
- ATM network
- 40,000+ Allpoint ATMs. Out-of-network cash withdrawal is $3.50 on the September 2026 fee schedule.
How money actually moves
- Who holds the cash
- Insured bank deposit
- How money moves
- ACH / USD
- Built for
- Personal
- Settlement
- App-ledger instant; bank rails per corridor
- Freeze risk
- Bank-grade; still not freeze-proof
- Card
- Varo Bank lists a physical card and a virtual card on visa, plus Apple Pay and Google Pay. Confirm the live product in the app — a card is not a current account.
Licence first
Safety
FDIC up to $250,000 at Varo Bank, N.A. — not pass-through via a partner (Varo About: “FDIC-insured up to $250,000 with us”).
Who holds the money: Varo Bank, N.A.
- OCCNational bank charter · United States · 25147
Fees
- Monthly
- $0 on the core bank account
- FX markup
- No foreign-transaction fee advertised on the debit card.
- ATM
- Free at Allpoint. $3.50 out of network on the September 2026 fee schedule.
- Interest
- Savings APY is variable and the higher rate needs qualifying deposits.
Features
- –IBAN
- ✓Fee-free core
- –Multi-currency
- ✓Apple Pay
- ✓Google Pay
- ✓Virtual card
- ✓Physical card
- –Metal card
- –Crypto
- –Stocks
- –Business
- –Kids
- –Halal
- Varo Bank checking
- High-yield savings
- Visa debit
- Varo Advance
- Credit-builder card
Before you tap Sign up
How to open
Step 1
Use varomoney.com, not varo.com
The US bank lives at varomoney.com. varo.com is a different company.
Step 2
Apply in the Varo app
You must be 18, live in the 50 states or DC, and have an SSN or ITIN. One individual account per person.
Step 3
Fund the bank account
No monthly fee and no minimum balance on the core account. Savings and Advance are extra products with their own rules.
Official help: www.varomoney.com/security-and-control/
Operator documents
Their own papers
These are the operator’s documents. They outrank this review if they disagree.
Score
- Safety25%
- 9.0
- Fees20%
- 8.2
- Features15%
- 7.2
- App15%
- 7.6
- Global15%
- 3.0
- Support10%
- 7.2
Change log
Full logNo dated notes yet. When the licence, fees, or status moves, it lands here.
Available in
Straight answers
FAQ
01Is Varo a real bank?
Yes. Varo Bank, N.A. is an OCC national bank, charter 25147. Deposits sit at Varo, not at The Bancorp or anyone else.
02Is Varo FDIC insured?
Yes. Member FDIC, cert 59190, since 1 August 2020. Cover is $250,000 per depositor per ownership category at Varo Bank, N.A.
03Who can open Varo?
People 18 or over with a US address in the 50 states or DC and an SSN or ITIN. Individual accounts only. No joint, no business, no extra debit card for a partner.
04What is the monthly fee?
$0 on the core bank account on the September 2026 fee schedule. Allpoint ATMs are free. Out-of-network cash is $3.50 plus any ATM-owner fee.
05Can I receive salary on Varo?
Yes. US direct deposit can land in the Varo Bank account. The higher savings APY usually needs qualifying deposits — read the live savings page.
06Varo vs SoFi?
Both are OCC banks with FDIC on their own name. SoFi also sells investing and loans in the same login. Varo is the smaller bank-only app. Pick on product, not on the word neobank.
07Can I open Varo from abroad?
No. Varo wants a US street address. The app in a foreign store is not an account.
08What is the legal name?
Varo Bank, National Association. Parent is Varo Money, Inc. The consumer site is varomoney.com.
Ratings and reviews
No published user reviews yet. The NeoBankDB score still comes from licence, fees, and the product — not from an empty star average.
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